Cohen is too enamored with "managment". ACTG does NOT have the resources to "cherry" pick the patents nor does management have any clairvoyance on where the Patent industry is headed or how investment managers will buy-in to the "PATENT AS AN ASSET CLASS". This is still a highly speculative investment.
On the contrary, ACTG is a microcap company. ACTG has a model that is very favorable to both the small and large patent holders. ACTG has made a business by presenting reasonable licensing schemes to the potential licensees and getting buy-in from other companies due to thier licensing approach, which is the ACTG special sauce.
In fact the recent legal and congressional discussion around SEP's is probably the largest contributing factor to ACTG's price weakness.
I am not enamored with anyone , lets call it the way it is the shorts just tore this space & this currency a new A Hole i am not happy about that and am licking my wounds. Been a investor in this stock for 4 years remember when market was melting down in 2008 and ACTG traded at $2 with a $1.50 of cash on their balance sheet ," CEO did some nice buying between $2-$3 i remember ". This Company has developed into the 800lb gorilla of this space with both intellectual acumen & a balance sheet to match. The bar has been raised over last few year this space is or has been considered its own asset class and when FMR & Soros bought in big through Private Placement within last year at $38 that was very validating. Who knows the status of FMR or Soros as we speak but one thing that is painfully obvious to all of us based on tape action these last 2 weeks everyone seems to be revaluating the investment thesis & valuation metrics this stock should trade for.
Yes, you are enamored with Citicgirl too. But not trying to personalize this debate.
Been in and out of ACTG over the same period as you and longer. Not ever been impressed with Paul Ryan and the company disclosure. The real issue here is investing in the PATENT as an ASSET CLASS (and recent congressional, judicial and industry developments which are ignored by most analyst reports) and also the earnings power of ACTG (Lumpy, and potentially negatively impacted by macro developments in Patent Industry).
One of the things to very much like about Paul Ryan the ACTG approach is the company takes smaller patents on and ACTG attempts to make very reasonable licensing arrangements for all the parties involved.
Here are some of the recent congressional, judicial, and industry developments referenced above... Take note of the dates and correlating stock action in ACTG; Coincidence... You be the judge.
Be sure to edit out the spaces in the link address.